Fidelity Investments’ global macro director Jurrien Timmer said Bitcoin is approaching its power-law model support line at about $58,237, while noting that the current macro environment lacks bullish catalysts and a trend reversal is not yet clear.
According to PANews, Timmer said speculative “fast money” is shifting from alternative stores of value toward high-flying technology stocks.
He added that Bitcoin’s power-law support line has historically acted as a mathematical backstop, citing prior instances: in 2015, Bitcoin touched $230 versus model support at $252; in 2018, it fell to $3,204 versus support at $2,521; and at the 2022 bottom, it was $16,366 versus support at $15,006.